CALGARY, April 8, 2016 /CNW/ - U.S. Dividend Growers Income Corp. announced that it has filed a notice with the Toronto Stock Exchange (the "TSX") and received its approval to make a normal course issuer bid ("NCIB"). Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX. This NCIB will commence on April 13, 2016 and will terminate on April 12, 2017.
The Fund had 11,900,800 equity shares issued and outstanding as at April 1, 2016. The Fund may, during the 12 month period commencing April 13, 2016 purchase on the TSX up to 1,189,860 equity shares, being 10% of the public float and may not, in any 30 day period, purchase more than 238,016 equity shares, being 2% of the equity shares issued and outstanding. The Fund will cancel all equity shares purchased pursuant to the bid. As at April 1, 2016 the Fund had purchased 574,600 equity shares at an average price of $9.04 per equity share under its previously approved normal course issuer bid. U.S. Dividend Growers Income Corp. is implementing the NCIB to allow it to purchase equity shares if and when it makes sense to do so.
U.S. Dividend Growers Income Corp. trades on the Toronto Stock Exchange under the symbol "US".
This press release may contain forward-looking information, including with respect to future purchases of Equity Shares by the Corporation. The forward-looking information contained in this press release constitutes current expectations, as of the date of this press release, with respect to the matters covered hereby. Investors and others should not assume that any forward-looking statement contained in this press release represents an estimate as of any date other than the date of this press release.
SOURCE U.S. Dividend Growers Income Corp.
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